₦airaland Forum

The market capitalisation of listed equities on Tuesday shed N85 billion in six hours of trading to what traders attributed to profit taking as a result of the presidential poll.

Specifically, the market capitalisation, which opened at N12.194 trillion, shed N85 billion or 0.69 per cent to close at N12.109 trillion. Also, the All-Share Index lost 226.30 points or 0.69 per cent to close at 32,473.82, compared with 32,700.12 recorded on Monday.

Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the market pullback to profit taking embarked by some smart investors. Mr Omordion said the smart money that pushed the market up with expectations that the opposition would win the presidential election were leaving the market.

He said some investors who entered the market in anticipation that the opposition economic policy and reforms would support market growth were taking profit ahead of earnings season.

“This pullback may not last as a result of 2019 dividend declaration season as a dividend yield of financial service stocks is high and attractive due to low prices,” Mr Omordion stated.

Nestle dominated the losers’ chart, dropping by N70 to close at N1,510 per share.

SOURCE: https://brandspurng.com/2019/02/26/nigerian-stock-market-loses-n84-39bn-as-market-erases-previous-day-gain/

Huawei has matched rival Samsung with its own foldable smartphone, the Mate X, presented at MWC in Barcelona. Running the company’s first 5G modem chip, the Mate X will be available in mid-2019 for a recommended price of EUR 2,299.

Huawei’s device folds outwards from the tablet mode, rather than inwards like Samsung’s Galaxy Fold, offering OLED screens both on the back and front when folded to phone size. The ‘fold’, which Huawei calls the Falcon Wing Hinge, is not precisely in the middle, as part of the right back body houses the internal components, such as the processor, memory and a triple camera.



The Mate X runs Huawei’s flagship Kirin 980 processor and the Balong 5000 modem, Huawei’s first supporting 5G. This supports 5G speeds up to 4.6 Gbps, using 4×4 MIMO and 256 QAM. The battery, divided into two parts, offers a capacity of 4,500 mAh and can be 85 percent charged in 30 minutes using Huawei’s new 55W charger. It comes with 8 GB RAM and 512 GB internal storage.

The fingerprint sensor is embedded in the power button on the edge of the device. The new triple Leica camera offers the advantage of showing both the photographer and the subject of the photo the image, using the front and back screens when the Mate X is folded.

Read: Samsung Electronics Launches QLED TV Series
New laptops in Mate series
While Huawei will not release its next flagship smartphone until next month, the company did present in Barcelona new laptops in its Mate series. The MateBook X Pro, first presented at MWC last year, has been upgraded with the latest Intel Core i7 8565 processor and a new 13.9-inch 3K screen covering 91 percent of the body with enhanced touch and gesture controls. In addition, it comes with a range of features to make it easy to share documents, apps and screenshots between the computer and an Android smartphone.

For the mass market, Huawei offered the updated MateBook 13 and 14 laptops. These also come with FullView touchscreens, enhanced connectivity with smartphones and the latest Intel Core i7 8565U processor and Nvbidia GeForce MX250 graphics chip with 2GB GDDR5.

SOURCE: https://brandspurng.com/2019/02/25/huawei-unveils-foldable-mate-x-to-launch-mid-2019-with-5g/

The Nigerian Stock Exchange (“the Exchange” or “NSE”) in conjunction with Fund Managers Association of Nigeria (FMAN); Association of Stockbroking Houses of Nigeria (ASHON) and The Central Securities Clearing System (CSCS) Plc has launched the NSE Mutual Fund Trading and Distribution Platform on February 22, 2019 at the NSE in Lagos.



The Mutual Fund trading platform will bring together market participants to facilitate electronic transactions with seamless interaction between NSE, CSCS Plc, Fund Managers and Brokers Dealers. Investors will have the benefit of a single view of their mutual fund investment and ease a variety of transactions like subscription, redemption, cancellation etc.
Speaking on the development, Mr Olumide Bolumole, Head of Listing Business Division, NSE, said, “We are delighted to provide a solution that will enhance visibility for the listed mutual funds and promote financial inclusion while stimulating retail investor participation in our market. This reinforces our commitment to provide market professionals, issuers, fund managers and investors with a reliable, efficient and an adaptable exchange hub in Africa, to save and to access capital. Through this platform investors can pool funds into a chosen basket of securities which have proven to be a veritable means to optimise returns and reduce risks”.
The Managing Director/CEO, Mr Haruna Jalo-Waziri CSCS Plc welcomes the launch of the trading platform for mutual funds. “This marks yet another milestone for the Nigerian capital market and we believe that it will serve as a step towards improving the level of financial inclusion in Nigeria by giving investors varieties of investment products”.
“As part of our commitment to providing far-reaching benefits to the capital market, CSCS Plc has proactively invested in technology that would enable us provides seamless post-trade services to a wide range of financial instruments including collective investment schemes. Additionally, Fund managers can now augment their product distribution strength using the brokerage communities’ network. We believe this will also contribute towards increasing secondary market participation whilst growing funds under management for Asset managers”, Jalo-Waziri added.

According to the President of Fund Managers Association of Nigeria (FMAN), Mr Dayo Obisan, “It is a great pleasure to see the platform launched and become operational. One of the initiatives in the FMAN 5-year road map was to develop and implement a nationwide distribution/trading platform for mutual funds. Over the past 18 months, The NSE, CSCS Plc, ASHON and the Securities and Exchange Commission (SEC) worked closely with FMAN to attain this great milestone”.
Also, the Chairman of the Association of Stockbroking Houses of Nigeria (ASHON), Chief Patrick Ezeagu, noted, “We in the ASHON are highly delighted to have been a part of the development and emergence of the Memorandum Trading Platform. The project was directed at reawakening the small savers in order to take advantage of investing via mutual fund to have the synergistic benefit of a better return in the market”.
“We cherish the relationship we have built in the course of this project with the FMAN and the NSE, we have the firm belief that this success story will transcend to other areas of the capital market. The Memorandum Trading Platform will facilitate the ease of doing business in trading and distribution of Mutual Funds, it will inspire small savers thereby promoting financial inclusion which is an important focus of our members. We congratulate everyone that contributed to the success of this initiative and encourage all operators to embrace this new aspect of deepening of our market which is a formidable incursion into an erstwhile grey sector”.

SOURCE: https://brandspurng.com/2019/02/25/%E2%80%8B%E2%80%8Bnse-partners-with-market-stakeholders-launches-mutual-funds-trading-platform/

FirstBank, Nigeria’s premier financial institution, has announced its ongoing Visa on mobile (QR) payment promo to reward customers with various discounts for using the QR payment on the FirstMobile App while carrying out transactions with select partner merchants. The promo is billed to end on 28 February 2019.

The Visa QR payment on FirstBank’s Firstmobile is a smart and convenient way to carry out transactions without the use of cards. All that is needed is for the customer to have a Firstmobile (the FirstBank mobile banking application) installed on his or her phone.

To carry out Visa on mobile (QR) payment, the customer opens the mobile app (Firstmobile), selects pay with QR code, scans the displayed QR code at the merchant location after which the merchant’s detail is displayed for a validation and enters the transaction amount and PIN on the FirstMobile App, then submits to consummate the transaction.

Customers are encouraged to use the Visa QR payment on FirstBank’s Firstmobile at select merchant outlets to get the discount benefits such as 20% off movie tickets capped at N300 at Ozone cinemas; N500 off movie tickets at Filmhouse Cinemas Surulere Mall; up to 10% discounts at Marcopolo Oriental Cuisine, Lekki and lucky dip at VTL Store, Lekki; Foodco Limited Bodija, and Evron Food Store, Lekki.

According to the Group Executive, e-Business and Retail Products, First Bank of Nigeria Limited, Chuma Ezirim, “FirstBank has over the years since its founding 125 years ago been a leader and pioneer at promoting excellent customer service delivery in its business transactions and with the Visa QR payment on FirstBank’s Firstmobile, we remain committed to putting our customers first in terms of convenience, security and ease of doing their financial services transactions.

SOURCE : https://brandspurng.com/2019/02/24/first-bank-rewards-customers-with-cardless-financial-transactions/

Coca-Cola Nigeria has announced the launch of Limca Cola, a new variant introduced to expand the footprint of the Limca brand.

According to a statement issued by the promoters of the brand, Limca Cola is a good quality sparkling soft drink with a unique cola taste to deliver refreshment to consumers on-the-go.

Commenting on the new product, Franchise Marketing Manager, Coca-Cola Nigeria, Gbolahan Sanni, explained: “We are excited about the introduction of Limca Cola to the Nigerian market. Limca Cola is a reaffirmation of our commitment to innovatively refreshing our consumers on-the-go with a good quality product, unique cola taste at an affordable price.”

He further stated that Limca Cola gives the invigorating carbonated taste of Cola in 60cl PET bottles at the affordable price of N100, adding that it is available in wholesale and retail outlets nationwide. The Limca range is also available in Lemon-Lime, Bitter Lemon and Soda Water variants.

SOURCE: https://brandspurng.com/2019/02/22/coca-cola-introduces-limca-cola/

Oil is set to close out another week of gains, this time juiced by optimism over the U.S.-China trade negotiations. But the gains are also coming because OPEC+ is taking supply off of the market. “Saudi Arabia is delivering on the cuts it pledged, and I have no doubt they’ll deliver on pledges to do more,” said Bjarne Schieldrop, Oslo-based chief commodities analyst at SEB AB. “It was a production boost from OPEC and an equity sell-off that pushed oil down during the fourth quarter, and now as both of those elements are in reverse prices are going up.”

U.S. shale production to grow by 84,000 bpd in March. U.S. shale production is expected to grow by 84,000 bpd in March, according to the EIA, marking another month of strong increases. The gains will be led by the Permian (+43,000 bpd), followed by smaller contributions from the Niobrara (+16,000 bpd), the Bakken (+13,000 bpd), the Eagle Ford (+9,000 bpd) and Appalachia (+3,000 bpd). The number of drilled but uncompleted wells (DUCs) rose to 8,798 in January, a 2.4 per cent increase from December. Meanwhile, weekly EIA data suggest that total U.S. production surpassed 12 million barrels per day last week, another record high.

Trump could let the trade deadline slide. Press reports suggest that the U.S. and China are making progress on trade negotiations, and President Trump has indicated he would be willing to let the talks continue past the March 1 deadline if progress was significant. Trump is expected to meet with China’s vice premier and top trade negotiator on Friday. There are still thorny issues that will be difficult to solve, but markets are welcoming the potential breakthrough in trade talks.

Oil and gas M&A activity to slow. U.S. upstream M&A activity is set to slow this year, after dipping in 2018 compared to the year before. Last year, the number of deals declined to 93, compared to 125 in 2017, according to PwC. Deals in the U.S. shale industry fell from 106 in 2017 to 85 in 2018, although the value of the deals ballooned from $67 billion to $90 billion. Despite the expected slowdown, consolidation will continue, with smaller players selling out to larger ones as the industry pushes for scale. “The rationale for consolidation has never been higher,” Wells Fargo Securities managing director David Humphreys told Argus Media. “Scale is the key.”

Canadian oil titans warn of squandered opportunity. Royal Bank of Canada CEO Dave McKay said this week that Canadian oil companies, pipeline companies and banks need to make the case for more pipelines in order to provide enough political cover for politicians. “They need the support of the business community to take the political risk to move forward with this agenda,” McKay said, according to the Financial Post. Enbridge (NYSE: ENB) CEO Al Monaco warned about the exit of international investment from Canada because of a lack of pipelines and political uncertainty. “We’re squandering an opportunity here to really drive our economy and supply energy in the most sustainable way,” he said.

Glencore’s coal exit pushed by investors controlling $32 trillion. Glencore (LON: GLEN) announced that it would cap its coal production going forward, an announcement that sent shockwaves through the global market for coal. As the largest coal exporter in the world, the move highlights the coming decline for the coal industry. The announcement was likely influenced by Climate Action 100+, a network of 300 shareholders in control of $32 trillion worth of assets. As Bloomberg reports, the group has already forced concessions from BP (NYSE: BP) and Royal Dutch Shell (NYSE: RDS.A).

Oil FIDs to triple in South America. The pace of FIDs for new oil and gas projects in Latin America is set to soar this year. “16 fields are up for final investment decisions (FIDs) in 2019, more than a tripling from the year before,” Rystad Energy said in a report. “With expectations of eight projects of over 25 million boe reaching FID this year, Brazil will be the key driver behind the numbers for South America.” Brazil is expected to see 10 projects receive FIDs.

Eastern Libyan forces take control of El Feel oil field. The Libyan National Army, controlled by Khalifa Haftar, reportedly took control of another oil field in Libya, the El Feel. Reuters said that production of the 75,000-bpd field was not affected. This comes after the LNA seized the largest field, the Sharara, last week.

Anadarko’s LNG project in Mozambique attacked by gunmen. Gunmen in Mozambique attacked an Anadarko Petroleum (NYSE: APC) convoy near its LNG project. Bloomberg said it was the first attack on an energy company since an insurgency began in the country 16 months ago. Anadarko’s share price fell more than 3 percent on the news.

Trump admin scraps talks with California over CAFE standards. The Trump administration ended negotiations with California over new fuel efficiency rules, aimed at watering down Obama-era standards on cars and light trucks. Instead, the Trump administration will go it alone, crafting new federal rules to replace the more stringent ones on the books. The problem is that California has the legal right to set its own standards, something that the Trump administration wants to take away. New federal rules weakening fuel efficiency standards, as well as an attempt to defang California’s authority, will likely get bogged down in legal fights, creating a lot of uncertainty for automakers.

Saudi Aramco and China ink $10 billion petrochemical deal. Saudi crown prince Mohammed bin Salman wrapped up a trip to China, where the two sides agreed to a $10 billion petrochemical deal. Saudi Aramco will supply 70 percent of the crude feedstock for the 300,000-bpd refinery, which will also have a 1.5-million-metric-tonnes-per-year ethylene cracker. Aramco will also buy a 9 percent stake in Zhejiang Petrochemical. The deal cements a growing Saudi-Sino relationship based on oil and petrochemicals.

Pioneer Natural Resources CEO to retire. Pioneer Natural Resources (NYSE: PXD) CEO Timothy Dove announced his retirement, effective immediately. Board Chairman Scott Sheffield will take over as CEO


SOURCE: https://brandspurng.com/2019/02/23/oil-prices-up-on-trade-optimism-report/

As part of the efforts of his administration to prioritize the lives and properties of the people of Ondo state, the state governor, Arakunrin Oluwarotimi Akeredolu, SAN, on Tuesday inspected the new computerised Vehicle Inspection Center in Akure, the state capital.

The new facility which is located within the premises of the Vehicle Inspection Office, Akure would inspect one hundred and twenty Vehicles in a day and provide jobs for thirty – six engineers.

Speaking during the governor’s visit to the facility, the Managing Director of the company, Segun Obayendo said the facility will be commissioned very soon after the remaining necessary equipment are ready.

He explained that the centre is also located at Owo and Ondo, adding that other ones will also be sited in Ikare and Ore thereafter.

The Computerised Vehicle Inspection Center which is already in operation in twelves States across the country is meant to ensure that only vehicles that are road worthy are put on the roads so as to reduce the number of avoidable accidents on the roads

Governor Akeredolu said the government is determined to rid the roads in the state of the vehicle that are not road worthy. He added that the centre is important to car owners to enable them to diagnose their vehicles even before taking them to the mechanic workshop.

The Governor said the centre will bring confidence back on the roads as only Vehicles with roadworthiness certificate will ply roads in the state.

He, however, stressed that the centre is not in any way a mechanic workshop but will help create more jobs for the mechanics as more vehicles will visit their workshops.

SOURCE: https://brandspurng.com/2019/02/21/computerised-vehicle-inspection-center-takes-off-in-ondo-pictures/

In its drive to ensure insurance market development through enhanced access points for insurance services in Nigeria, The National Insurance Commission has granted approval to GOXI Microinsurance Company Limited to operate as a State Composite Microinsurance Company transacting Life and General Microinsurance Business in Lagos State only.

This is one of several applications received in the Commission from individuals and corporate entities requesting approval for registration as Micro insurance operators.

It will be recalled that among the requirements of the micro-insurance guidelines released by NAICOM last year a State Composite Micro-insurer’s minimum capital base is N100 million, while the general business is N60 million and Life, N40million.

Insurers should take up intensive awareness on benefits of microinsurance to SMEs The company is also expected to operate in any one state of the federation and this has made Goxi Micro Insurance Company Limited the first to start micro insurance operation in the country.

GOXI Micro insurance Company Limited thus become the first full-fledged standalone Micro Insurance Operator in Nigeria

SOURCE: https://brandspurng.com/2019/02/21/naicom-approves-goxi-as-a-state-composite-microinsurance-company/

Golden Guinea Breweries Plc, the Umuahia-based brewer which has not been active for over 16 years following a fire outbreak at its facilities in 2003 leading to the closure of the business said it is nearing completion of retooling work that will enable it to restart production.

In a statement released to the Nigerian Stock Exchange (NSE) on Thursday, the once brewer of Eagle stout, Bergedorf lager and Golden Guinea lager said it is optimistic of returning to full operations on or before the second quarter of 2019.

The company which has been undergoing a major overhaul at its facilities said the delay in filing its Qtr 1, Qtr 2 and Qtr 3 financial results for periods ended 30 June, 30 September and 31 December 2018 was because the company had not commenced production.

For the nine months ended 31 December 2018, the company had no revenue but accrued a loss of N108bn, which is administrative costs related to the retooling work.

SOURCE: https://brandspurng.com/2019/02/21/golden-guinea-breweries-nears-completion-of-factory-overhaul/

The trend of oversubscription at FGN Bond Auctions for the year continued at the February 2019 Auction conducted by the Debt Management Office (DMO) on Wednesday, February 20, 2019, at which 3 instruments, for 5, 7 and 10-year tenors, with a total value of N150 billion were offered.

Total bids received from investors for the bonds exceeded N234 billion, with a total subscription level of 156%. The focus of investors was principally on the 10-year bond which had a subscription level of 392%.

Successful bids were allotted at rates notably lower than those at the January 2019 Auction, with 14.52% for the 5-year, 14.7999% for the 7-year and 14.939% for the 10-year bond.

The DMO allotted the full N150 billion offered to successful bidders across the 3 tenors.

SOURCE: https://brandspurng.com/2019/02/21/february-2019-fgn-bond-auction-oversubscribed-despite-election-concerns/

StarTimes has reduced the prices of its decoder and antenna for new subscribers willing to purchase them until March 31, 2019.

This is as competitive in the Pay TV market intensifies as service providers offer promotions to attract and retain subscribers.

The pay TV company announced the decoder and antenna price reduction from N10,000 to N7,500 for its DTT (Antenna) and N9,500 to N6,500 for its SD decoder.

The HD decoder now sells N7,500 while a combination of HD Decoder and Antenna sells for N8,900, a more than 30% reduction.

The company Public Relations Manager, Kunmi Balogun, in a statement said:” StarTimes is the top destination for news coverage during this season. We now have a lot more news channels. We recently added Plus TV Africa to our news channels while the existing ones such as TVC, Channels and NTA News 24 remain.

“We place great priority on the quality of our content as we continue to evolve; adding more of local channels that our subscribers have found engaging and all-around entertaining and irresistible over time,” he said.

StarTimes is a foremost digital TV operator in Africa and according to brand managers, it covers 80% of the continent’s population with a massive distribution network of over 2000 brand halls, 3,000 convenience stores and 5,000 distributors. It owns a featured content platform, with 440 authorized channels.

SOURCE: https://brandspurng.com/2019/02/20/startimes-reduces-decoder-antenna-price-increases-local-new-channels/

In line with its mandate of addressing skills gap while also reducing the rate of unemployment in the State, the Lagos State Ministry of Wealth Creation and Employment has again trained and graduated 250 youths with skills that would change the beneficiaries’ status from being unemployed to employers of labour.

Speaking at the graduation ceremony of trainees held at Adeyemi Bero Auditorium, Alausa, the Commissioner for Wealth Creation and Employment, Pharm. (Mrs.) Uzamat Akinbile-Yusuf said the graduands were trained to become employable, create jobs as well as have access to finance for entrepreneurship through the Lagos State Employment Trust Fund (LSETF).

Akinbile-Yusuf also disclosed that 50 of the graduates received training on auto-maintenance/repairs skills while 200 youths were trained on employability skills for a period of six months.

She expressed satisfaction with the conduct of the graduating students throughout the training period and admonished them to make Lagos proud by putting the knowledge acquired to practical use.

According to her, the programme was established to reduce unemployment and empower youths to become employable or self-employed while also leveraging on innovative technology.

In her contribution, the Permanent Secretary, Ministry of Wealth Creation and Employment, Mrs. Ganiat Raji, reiterated that the training programme is one of the numerous wealth creation initiatives of the State government to empower youths to look beyond white-collar jobs.


Earlier, the Chief Operating Officer, Automedics Limited, Mr. Gbola Oba, in his keynote address, informed the gathering that two of the graduating students had already been employed by his organisation in the course of the training.

He admonished the graduating students to aspire beyond the stereotypes and applauded females who went against accepted gender stereotypes by participating in the Automedics training.

Also, the Head, Micro Enterprise, Lagos State Employment Trust Fund (LSETF), Mr. Adewunmi Oni, encouraged the graduating students interested in entrepreneurship to forward loan applications to the agency for the establishment of their own businesses.

SOURCE:https://brandspurng.com/2019/02/20/lasg-empowers-250-unemployed-youths/

Arik Air has introduced a N16, 000 fly- to -vote promotion to encourage Nigerians to travel to their respective wards to cast their votes in the rescheduled elections.

The promo also covers the Governorship and State Houses of Assembly Elections holding across the country on February 23, 2019, and March 9, 2019, respectively.

The N16, 000 promotional fare is the one-way ticket cost to any domestic destination on Arik Air’s network and customers must present a valid Permanent Voters’ Card (PVC) at the point of purchase and at check-in to be eligible to fly.

The fly- to- vote promotion is available for sale from Monday, February 18, 2019, till Tuesday, March 11, 2019, for travel between Thursday, February 21 and Tuesday, February 26, 2019, as well as between Thursday, March 7, 2019, and Tuesday, March 12, 2019.

Elaborating on the need for the promotion, Arik Air’s Chief Executive Officer, Captain Roy Ilegbodu said: “We have put this promotional fare in place to ameliorate the effect of the postponement on the travelling public and encourage voter participation.”

SOURCE:https://brandspurng.com/2019/02/20/arik-air-introduces-fly-to-vote-promo/

The Arab Bank for Economic Development in Africa (BADEA) and Sterling Bank PLC (Nigeria), signed today Monday, February 18, 2019, in Cairo, two loan agreements: the first one is a Line of Credit, which amounts to US $ 15 million to finance private sector projects, and the second one, which amounts to US $ 50 million, is a Line of Credit for financing Arab Exports to African importers, as part of BADEA’s program for financing Foreign Trade.


H.E. Dr. Sidi Ould TAH, Director General, signed on behalf of BADEA, while Mr. Adeyemi Odubiyi, Executive Director, Corporate & Investment Banking, signed on behalf of Sterling Bank.
The first Line of Credit aims to help the Bank to finance private sector projects in Nigeria by re-lending its resources to its customers. The loan also aims to enhance the role of the private sector in the country’s economic and social development, to contribute to the mobilization of the production and service sectors, creating job opportunities, providing and delivering various goods and services and supporting the country’s budget, through tax revenues, which will enhance opportunities for economic growth and improving the living standards of the population.

Within the same context, the two parties also signed a loan agreement to finance a Line of Credit that will be allocated to Trade Finance Operations. This Line of Credit aims to bring Arab goods and products to Nigeria by re-lending its resources to beneficiaries in the country. The Line also aims to encourage and promote trade exchanges between Arab and African countries and help to define African markets for Arab products, and thus help in the growth of Arab Exports destined for Sub-Saharan Africa.

SOURCE: https://brandspurng.com/2019/02/19/sterling-bank-secures-65-million-credit-facility-from-arab-bank/

The Nigerian Stock Exchange has lifted the suspension of trading in the shares of Goldlink Insurance Plc.

The NSE, in a statement, referred to its Market Bulletin dated July 5, 2017, which notified the public of the suspension of seventeen (17) listed companies for non-compliance with the rules for the filing of accounts and treatment of default filing and the rulebook of the exchange.

The statement read in part, “We refer to our Market Bulletin dated 5 July 2017, with Reference Number: NSE/LARD/LRD/MB02/05/07/17 by which we notified Dealing Members of the suspension of seventeen (17) listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (Default Filing Rules”), which provides that: “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will:

(a) send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period;
(b) suspend trading in the Issuer’s securities; and
(c) notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension.”

Goldlink Insurance Plc (the Company) which was one of the suspended companies, has now filed its outstanding Audited and Interim Financial Statements to The Exchange.

In view of the submission of the Company’s outstanding financial statements and pursuant to Rule 3.3 of the Default Filing Rules, which provides that: “The suspension of trading in the Issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension”, Dealing members are hereby notified that the suspension placed in the trading of the Company’s shares was lifted today, Monday, 18 February 2019.

SOURCE: https://brandspurng.com/2019/02/18/nse-lifts-suspension-on-goldlink-insurances-shares/

The National Bureau of Statistics (NBS), says the Federal government received a total of N270.17bn from the N812.76bn. Federation Account Allocation Committee (FAAC) disbursed to three tiers of government in January.

The Federation Account Allocation Committee (FAAC) disbursed the sum of N649.19bn to the three tiers of government in January 2019 from the revenue generated in December 2018.

According to NBS, the amount disbursed comprised of N547.46bn from the Statutory Account, N100.76bn from Valued Added Tax (VAT) and N976.53mln exchange gain differences N70bn.

Meanwhile, states received a total of N178.04bn and Local governments received N133.83bn. The sum of N45.36bn was shared among the oil-producing states as 13% derivation fund.

“Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.69bn, N4.04bn and N8.04bn respectively as the cost of revenue collections”.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N216.57bn was disbursed to the FGN consolidated revenue account; N4.81bn shared as share of derivation and ecology; N2.43bn as stabilization fund; N8.15bn for the development of natural resources; and N5.82bn to the Federal Capital Territory (FCT) Abuja.

SOURCE: https://brandspurng.com/2019/02/17/states-received-n178-04bn-from-faac-allocation-in-january-2019-nbs/

The 2019 PZ Cussons Chemistry Challenge (PZCCC) has been expanded pan Nigeria to accommodate chemistry students in the competition in the six geopolitical zones of the country.

The competition which is in its sixth edition will see the top three winners go home with a trophy, a medal and N1million, N750,000 and N500,000 respectively with additional prizes which include laboratory equipment for the winners’ schools.

The Managing Director, PZ Cussons, Mr. Alex Goma, while disclosing this development to newsmen at the Amber Residence, GRA Ikeja, Lagos, said that new processes have been adopted for the project for better inclusion.

Goma pointed out that the initiative which is being carried out by PZ Cussons Foundation will be going pan Nigeria, with regional hubs located in Lagos, Port-Harcourt and Abuja.

According to him, what better way to celebrate PZ Cussons 120 years in Nigeria, stressing that the target audience for the 2019 edition of the competition remains SS2 students.

He added that the organization chose chemistry as the subject for the competition because it resonates with all facets of the company’s goals and products which touch on human lives.

In his words: “Chemistry as a subject is like the heart of life. If you look at society; you will see how chemistry connects with society. We are touching lives through all our major touch points and we hope that the Nigerian consumers will see PZ Cussons as a business that cares about them”

Speaking in the same vein, Finance Director, PZ Cussons Mr. Dipo Daoudu, pointed out that the 2019 competition is supported by Premier, the flagship brand of PZ Cussons.

Daoudu stated that call for entries will begin for the 2019 edition of PZCCC on February 27, which is the same day the registration portal will be opened to participating students.

He added that an online computer based test (CBT) will begin on March 1st through May 16, 2019, adding that the test is in three stages.

In his words: “Candidates from each zone (Lagos, Abuja and Port-Harcourt) who scale the first stage, will then go to a physical centre to participate in the second phase, which is another online test scheduled by May 25, 2019”

“The third phase takes place June 15 for the shortlisted students and the grand finale will happen in Lagos on July 27, 2019.”

In a bid to improve the capacity of chemistry teachers across secondary schools; Daoudu, noted that this edition will include a two-day teachers’ training and a ‘Train the Trainers’ segment as a means to equip and reward chemistry teachers who are dedicated to building and impacting future generations.

The Chairman PZ Cussons Chemistry Advisory Board is Professor Oladele Osibanjo.

SOURCE : https://brandspurng.com/2019/02/17/pz-cussons-expands-chemistry-challenge-pan-nigeria/

Alomo Bitters, a herbal alcoholic drink produced by Kasapreko Ltd., a Ghanaian-owned company based in Ghana, sold 13.9 million bottles in the Nigerian market in 2018.

The Nigerian Sales Representative, Kasapreko Ltd., Mr John Adesoye, told NAN on Friday in Lagos that 580,000 cartons of the product were sold in Nigeria in 2018.

According to Adesoye, when the 580,000 cartons sold in 2018 are calculated, it amounts to 13,920,000 bottles sold.

The product which sells for between N150, N250 and N850 comes in 100ml, 200ml and 750ml bottles, and are called Kasapreko Alomo, Kalahari K20 and Alomo Sachet.

Alomo Bitters got to the Nigerian market in 2014.

The sales representative said that Alomo Bitters’ popularity and high demand led to counterfeiting of the product which halted the company’s proposal of establishing a $50 million plant in Nigeria.

To conquer adulteration of the product, Adesoye disclosed that the company had to rebrand the product by displaying a hologram seal on the bottle.

He said that though the adulteration of the product delayed the establishment of a plant in Nigeria, it, however, did not stop its lovers from consuming it.

However, some medical experts caution that bitters generally should be consumed moderately as some of the health claims are untrue.

The experts warned that bitters could end up damaging one’s health.

Dr David Ajoh said that the National Agency for Food and Drug Administration and Control (NAFDAC) would not approve bitters that had not been tested.

He warned people against taking bitters not certified by NAFDAC.

Also, Mrs Bukola Smith, a Nutritionist, said people should be careful with drinking bitters as majority were not hygienically packaged and not certified.

“Most bitter brands are not safe. Some have high alcohol content and can be dangerous to one’s health,” Smith said.


SOURCE: https://brandspurng.com/2019/02/16/ghanas-alomo-bitters-sold-580000-cartons-in-nigeria-in-2018/

Regional fintechs will be able to connect to Visa’s payment network in as little as four weeksSub-Saharan prepaid issuing provider, GTP, signs on as the regional partner

Visa Inc. today announced it is expanding its Fintech Fast-Track Program in the Central and Eastern Europe, Middle East and Africa (CEMEA) region as part of its efforts in developing the next generation of digital payment solutions. Already rolled out in Europe, Latin America and Asia Pacific, the program provides innovative fintechs with a faster and easier integration process with VisaNet, Visa’s global network, in addition to a suite of tailored digital solutions and growth capabilities.

With the Visa Fast-Track program, fintechs based in CEMEA can now onboard to Visa’s global network in as little as four weeks. The program has been tailored to the needs of fintechs, adapting to their realities and providing them with processes that are faster, which include reducing the number of onboarding conditions. The program also links fintechs to platforms that are already certified by Visa and connects fintechs to sponsoring banks, providing fintechs with scaling opportunities through Visa’s global network. 

Andrew Torre, Regional President, CEMEA, Visa, said, “The payments ecosystem is evolving at an unprecedented pace with some of the most exciting innovations coming from our region. We are actively engaged with passionate, entrepreneurial communities to understand where synergies exist in order to foster and bring new experiences to life in a secure and scalable manner in our pursuit of a digital future. Our aim is to connect new players and ideas with our network partners so that we can deliver intuitive and relevant payment, banking and retail experiences to customers and merchants.”

The Fintech Fast-Track program provides a new commercial framework that includes access to Visa’s payment capabilities, reduced fees and streamlined processes. After successful launches in Europe, Latin America and Asia Pacific in the second half of 2018, the program is now available to fintechs in CEMEA.  Visa is inviting all innovative fintechs in the region to apply to the program by registering online through the program website – www.visa.com/fintechcemea.

The Fast-Track program is one of several Visa initiatives designed to support fintech and startup companies. These include:

Investment: Visa continuously evaluates and invests in companies that have the potential to advance digital payments for our clients and their customers. Recent fintech investments globally have included Klarna, Paidy, Marqeta and PayStack in Nigeria.Partnership: Many payment platforms and fintechs are already collaborating with Visa globally to create new consumer and merchant experiences, including YellowPepper, NovoPayment, Stripe, Conductor, Flutterwave and Revolut.Engagement: Visa’s Everywhere Initiative, a global innovation program that tasks startups with solving some of the most challenging issues in payments and commerce, has been running in CEMEA since 2017.

In Sub-Saharan Africa, Visa will work with Global Technology Partners (GTP), to design and enable turnkey end-to-end packaged solutions jointly for the Visa Fintech Fast Track program. The enterprise solution will include bin sponsorship, issuer processing services, acquirer QR code processing services and program management services.

Rich Bialek, CEO of GTP, said, “GTP is excited to work with Visa to bring new digital products to our banks and cardholders.  Fintech companies in the CEMEA region are developing innovative solutions to meet the needs of this rapidly growing consumer base.  By expanding the fast-track program to CEMEA, Visa and GTP will enable these companies to rapidly deliver new technologies and services to consumers, improving and expanding how commerce works in this dynamic market.”

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analogue to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.

About Global Technology Partners

Global Technology Partners is headquartered in Tulsa, Oklahoma USA.  The company was founded in 2003 and began processing its first Visa prepaid debit card in Burkina Faso in 2007.  Since then, GTP has expanded into over 30 African countries, with more in development.  GTP designed its system specifically for prepaid programs and now offers industry-leading prepaid and mobile processing solutions.

SOURCE: https://brandspurng.com/2019/02/15/visa-announces-fintech-fast-track-program-in-central-eastern-europe-middle-east-and-africa/

The National Bureau of Statistics, NBS, said the average price paid by consumers for premium motor spirit (petrol) decreased by -23.7% year-on-year and -0.1% month-on-month in January According to the reports made available to Brand Spur Nigeria by the National Bureau of Statistics (NBS), the price of petrol increased to N145.70 in January 2019 from N145.80 in December 2018. 

The report reviewed states with the highest average price of premium motor spirit (petrol) to include Oyo (N150.50), Benue (N150.09) & Taraba (N150.00).  It also named Abuja (N144.20), Ekiti (N144.00) & Ondo (N144.00) as states with the lowest average price of premium motor spirit (petrol).

According to the report, the average price paid by consumers for automotive gas oil (diesel) increased by 1.59% month-on-month and 5.27% year-on-year to N225.09 in January 2019 from to N221.56 in December 2018.  It said states with the highest average price of diesel were Kwara (N249.00), Borno (N243.67) and Ebonyi (N239.29). It said the states with the lowest average price of diesel were Adamawa (N197.50), Rivers (N201.86) and Ekiti (N203.57).

On National Household kerosene, the report noted that average price per litre paid by consumers for National Household Kerosene increased by 5.35% month-on-month and 6.03% year-on-year to N306.28 in January 2019 from N290.74 in December 2018.

“States with the highest average price per litre of kerosene were Abuja (N350.57), Enugu (N344.58), and Jigawa (N341.31)”

“States with the lowest average price per litre of kerosene were Lagos (N260.78), Taraba (N265.67) and Niger (N253.47)”

Similarly, the average price per gallon paid by consumers for National Household Kerosene increased by 2.71% month-on-month and 15.90% year-on-year to N1187.75 in January 2019 from N1156.41 in December 2018.

States with the highest average price per gallon of kerosene were Jigawa (N1367.14), Kaduna (N1326.47) & Enugu (N1325.95)”

“States with the lowest average price per gallon of kerosene were Plateau (N1056.25), Kogi (N1,045.00) and Bayelsa (N1,004.55)”.

According to the report, the average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) decreased by -0.63% month-on-month and -6.86% year-on-year to N2,039.82 in January 2019 from N2,052.79  in December 2018.

“States with the highest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Bauchi (N2,540.00), Adamawa & Cross River (N2,350.00) and Borno (N2,325.00)”.

“States with the lowest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Osun (N1,703.57), Ogun (N1,700.00) and Enugu (N1,672.22)”.

Similarly, the average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) decreased by -1.25% month-on-month and -1.16% year-on-year to N4,277.86 in January 2019 from N4,332.06 in December 2018.

Also, states with the highest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Akwa Ibom (N4,850.00), Abia (N4,761.54) and Delta (N4,757.14) while states with the lowest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Oyo (N3,945.00), Lagos (N3,876.00) and Kano (N3,866.67).

SOURCE: https://brandspurng.com/2019/02/15/nigerians-paid-more-for-kerosene-and-diesel-in-january-nbs/

RENMONEY, a leading fintech lending company in Nigeria, recently announced the launch of a new solution for micro businesses, entrepreneurs who are self-employed individuals, businessmen and businesswomen. The new product allows the market segment to access credit of up to N4million either via Renmoney’s website, contact centres, agent network or branches.

Since inception, Renmoney focused on the employed market and has learnt a lot from this segment and used this to refine its scorecards and algorithms to ensure the company continues to make responsible lending decisions.

Oluwatobi Boshoro, Renmoney’s CEO, said, “we’ve always been aware of the need to solve credit challenges for another equally important segment – the self-employed, the businessman, the businesswoman.”

She added: “We have tested and iterated this product extensively for almost six months, reviewed over 30,000 applications and issued over 6,000 loans in the process. We’re convinced this product will go a long way in making financial inclusion meaningful for these micro business owners and impactfully contribute to Nigeria’s goal of a post-oil, diversified economy.

As a business, we understand that we only exist to solve the challenges our customers face. We have experienced first-hand in 2018, the benefit of a relentless focus on our customers. We recorded a 112 per cent YoY increase in the value of loan served to customers, with a 38.5 per cent representation of female customers.

“Since inception, we’ve had a strong focus on the white collar employed market. We have learnt a lot from this segment and used this to refine our scorecards and algorithms to ensure that we continue to make responsible lending decisions. At the same time, we’ve always been aware of the need to solve credit challenges for another equally important segment – the self-employed, the businessman, the businesswoman, the Micro Small or Medium Enterprise owner. For these micro business owners, it was important that we understood their needs and leveraged technology to provide credit to them in a convenient and responsible manner.

“Today, after a lot of research, testing and sheer hard work by all the team at Renmoney, I am delighted to announce the launch of Renmoney Micro-Business Loans. Micro-business owners will now be able to access loans up to ₦4million from Renmoney in a convenient and quick way. We’re convinced this product will go a long way in making financial inclusion meaningful for these micro business owners and impactfully contribute to Nigeria’s goal of a post-oil, diversified economy”.

She added that the bank would continue to expand its scope to other sectors as soon as they can handle them. Renmoney continues to be a key player in the fintech space, focused on solving complex credit challenges and driving impactful financial inclusion for individuals in Nigeria.


SOURCE: https://brandspurng.com/2019/02/14/renmoney-introduces-micro-business-loans-for-msmes/

A few days ago, the National Bureau of Statistics (NBS) released the GDP numbers for Q4-18. Real GDP accelerated by 2.38% y/y in Q4-18, faster than1.81% y/y and 2.11% y/y growth recorded in Q3-18 and Q4-17 respectively.

The GDP numbers outperformed consensus estimates of 2.10% and delivered the highest quarterly growth since Q3-15. Also, the report indicated that output growth in the Nigerian economy settled at 1.93% in 2018 as a whole, beating our estimate of 1.7%. Notably, the acceleration was driven by the continued growth in the Agriculture, Manufacturing, Trade and Services sectors among others amid mild improvement in the oil sector GDP.

Oil-GDP: Dancing to the melody of oil prices and production

Although growth in Oil GDP improved 1.29% points between Q3-18 and Q4-18, the growth rate of output in the sector remained in the negative region settling at -1.62% in Q4-18 compared to -3.95% and -2.91% in Q2-18 and Q3-18 respectively amid oil production and price instability. The NBS reported that average daily oil production dipped to 1.91mbpd, a fairly lower output when compared with 1.94mbpd and 1.95mbpd produced in Q3-18 and Q4-17 respectively. Meanwhile, Brent prices averaged $68.6/b in Q4-18 vs $75.8/b in Q3-18. For the whole of 2018, average oil production edged higher to 1.92mbpd vs the 1.89mbpd and 1.80mbpd in 2016 respectively. The contribution of Oil GDP to aggregate GDP declined to 7.1% from 9.4% in Q3-18. Also, for 2018, the contribution of Oil GDP to aggregate GDP inched lower to 8.60% from 8.67% in 2017.

Non-oil GDP: Remain positive amid the rebound in the Services sector

GDP growth in the non-oil sector of the economy continued to trend northwards, recording 2.70% growth in the fourth quarter of 2018, relative to 2.32% recorded in the third quarter of 2018 and 1.45% recorded in the fourth quarter of 2017. The acceleration in the sector was buoyed by growth across major non-oil subsectors, led by the Services sector which rose 2.90% (from 2.64% in Q3-18), the Agriculture sector which expanded 2.46% (vs 1.91%) and the recovery in Industries sector, +0.95% (from -0.11% in Q3-18). Albeit, this also bolstered the contribution of the Non-oil sector to aggregate real GDP to 92.4% in Q4-18 from 90.6% in Q3-18 and 92.6% in Q4-17 respectively.

Agric. sector GDP grows 2.46% y/y, onthe uptick in Crop Production

The Agriculture sector GDP grew 2.46% in Q4-18, faster recovery from the 1.91% recorded in Q3-18 but much lower than the 4.23% acceleration recorded in Q4-17. A deeper dive into the source of the growth showed that Crop Production, which contributed 90.1% to aggregate Agric GDP in Q3-18, rebounded 2.5% in Q4-18 (from 1.9% in Q3-18). This can be attributed to the harvest season that trailed the fourth quarter of the year. However, the tepidness of the recovery is underscored in the slowdown of activities in Livestock and Forestry sub-sectors, which recorded 2.3% (from 2.6% in Q3-18) and 3.7% (from 1.7% in Q3-18) respectively as the impact of the farmers and herders clash continued to linger. Notably, output in the Fishing sub-sector also recovered to 2.0% from 0.8% in Q3-18. Expectedly, on an aggregate level, for the whole of 2018, growth in Agriculture GDP came in at 2.12%, much slower than 3.45% recorded in 2017, reflecting the slowdowns seen in Crop Production and Livestock sub-sectors as the ripple effect of the farmer herders crisis shook the sub-sectors.

Manufacturing sector growth accelerates to 2.4%

As indicated by the survey indicators, the PMI and Business Expectations Survey, the Manufacturing GDP grew 2.35% in Q4-18, higher when compared to Q3-18’s 1.92% growth and Q4-17’s lukewarm growth of 0.14%. The acceleration in activities in the sector can be attributed to the rebound seen in Oil refining, which recorded the largest growth within the sub-sector of +33.6%, a retracement from the -17.4% decline seen in Q3-18. Although we saw slower growth in the Cement (+1.0% vs +8.1% in Q3-18) and Food, Beverage & Tobacco (+2.2% vs +2.9% in Q3-18), the stronger upticks recorded in the 8 of 13 subsectors of the Manufacturing GDP weighed positively on aggregate growth in the sector. The Manufacturing sector as a whole contributed 8.86% to overall real GDP, 2bps higher than that contributed to Q3-18 and flattish when compared to Q4-17.

Outlook:

Slow recovery to continue with FY-19 GDP expected at 2.1% In line with our expectation, the Nigerian economy remained on the path of recovery, albeit, sluggish, from +0.8% in 2017 to +1.9% in 2018. Yet, looking ahead into 2019, the pace of output growth is unlikely to rise astronomically given election uncertainties which may slow-down investments, budget passage and implementation and other economic activities, especially in H1-19. For the Oil sector, while the balance of supply and demand dynamics may keep prices slightly above the budget benchmark of $60/b, the output cap by OPEC+ pegged at 1.76mbpd could mount further pressure on the export capacity of the country, even though the recent Egina discovery may buoy local production toward the planned 2.3mbpd for 2019.

In the absence of further escalation of the crisis in the Middle Belt region, we expect the recovery in the Agric. sector to be sustained, majorly supported by faster growth in crop production, while growth in the services sector should be sustained amid improving spending in the aggregate economy. Accordingly, we maintain our 2019 GDP growth forecast at 2.1%y/y. We insist that for the Nigerian economy to deliver an above 2.1% output growth, there is the need to, implement pro-market policies, accelerate infrastructure development, quell terrorism and address system inefficiencies.

SOURCE: https://brandspurng.com/2019/02/14/nigeria-gdp-grows-2-38-in-q4-2018-as-services-sector-firms/

237 million people affected in sub-Saharan Africa, straining global and continental hunger eradication efforts…

Hunger in Africa continues to rise after many years of decline, threatening the continent’s hunger eradication efforts to meet the Malabo Goals 2025 and the 2030 Agenda for Sustainable Development, particularly the Sustainable Development Goal 2 (SDG2). New data presented in the joint UN report, the Africa Regional Overview of Food Security and Nutrition, released today, indicates that 237 million people in sub-Saharan Africa are suffering from chronic undernutrition, derailing the gains made in the past years.

The joint report by the Regional Office for Africa of the Food and Agriculture Organization of the United Nations (FAO) and the United Nations Economic Commission for Africa (ECA) was launched today in Addis Ababa at an event presided by FAO’s Deputy Director-General Climate and Natural Resources, Maria Helena Semedo.

It shows that more people continue to suffer from undernourishment in Africa than in any other region – evidence suggests that in 2017, 20 percent of the African population was undernourished.

“The worsening trend in Africa is due to difficult global economic and worsening environmental conditions and, in many countries, conflict and climate variability and extremes, sometimes combined. Economic growth slowed in 2016 due to weak commodity prices, in particular for oil and minerals. Food insecurity has worsened in countries affected by conflict, often exacerbated by drought or floods. For example, in Southern and Eastern Africa, many countries suffered from drought,” FAO Assistant Director-General and Regional Representative for Africa, Abebe Haile-Gabriel, and ECA Executive Secretary, Vera Songwe, said in their joint foreword of the report.

Of the 257 million hungry people in Africa, 237 million are in sub-Saharan Africa and 20 million in Northern Africa. The annual UN report indicates that compared to 2015, there were an additional 34.5 million more undernourished people in Africa, of which 32.6 million in sub-Saharan Africa and 1.9 million in Northern Africa. Nearly half of the increase is due to the rise in the number of undernourished people in Western Africa, while another third is from Eastern Africa.

At the regional level, the prevalence of stunting in children under five is falling, but only a few countries are on track to meet the global nutrition target for stunting. The number of overweight children under five continues to rise and is particularly high in Northern and Southern Africa. According to the regional report, progress towards meeting the World Health Organization’s global nutrition targets is slow at the continental level.

In many countries, notably in Eastern and Southern Africa, adverse climatic conditions due to El Niño led to a decline in agricultural production and soaring staple food prices. The economic and climatic situation has improved in 2017, but some countries continue to be affected by drought or poor rainfall.

Economic growth slowed in 2016 due to weak commodity prices, in particular for oil and minerals

Greater efforts and collaboration needed to achieve SDG 2

The report reveals that more efforts are needed to achieve SDG2 and global nutrition targets amidst the important challenges faced by the continent, such as tackling youth employment and climate change. Agriculture and the rural sector must play a key role in creating decent jobs for the 10 to 12 million youths that join the labour market each year. Another present and growing threat to food security and nutrition in Africa, particularly to countries relying heavily on agriculture, is climate change. The effects of climate change, reduced precipitation and higher temperatures negatively influence the yields of staple food crops.

At the same time, there are significant opportunities for agriculture in developing intra-African trade, harnessing remittances for development, and investing in youth. Remittances from international and internal migration play an important role in reducing poverty and hunger as well as stimulating productive investments. International remittances amount to nearly $70 billion, about three percent of Africa’s GDP, and present an opportunity for national development that governments should work on to strengthen.

The signing of the African Continental Free Trade Area agreement provides an opportunity to accelerate growth and sustainable development by increasing trade, including trade in agricultural products. Although agricultural intra-African exports rose from $2 billion in 2000 to $13.7 billion in 2013, they remain relatively modest and often informal. The report highlights that opening trade of food also carries risks to consumer and producer welfare and governments should avoid using trade policy for multiple objectives but rather combine trade reform with additional instruments, such as safety nets and risk-mitigating programmes, to achieve food security and nutrition goals.

Call for greater action to address the threat from climate variability and extremes

This year’s Regional Overview, entitled, “Addressing the Threat from Climate Variability and Extremes for Food Security and Nutrition,” illustrates that climate variability and extremes, in part due to climate change, are important factors underlying the recent rise in food insecurity and severe food crises on the continent.

Many countries in Africa are at great risk to climate-related disasters and suffer from them frequently. Over the last ten years, climate-related disasters affected on average 16 million people and caused annually $0.67 billion in damages across the continent. Although not all of these shorter-term climate variations may be attributable to climate change, the evidence presented shows that more numerous and more frequent occurrences of climate extremes and a rise in climate variability are threatening to erode gains made towards ending hunger and malnutrition.

FAO and ECA stressed, “Greater urgency in building the resilience of households, communities and countries to climate variability and extremes is needed. We need to face myriad of challenges to building institutional capacity in designing, coordinating and scaling up actions for risk monitoring and early warning systems, emergency preparedness and response, vulnerability reduction measures, shock-responsive social protection, and planning and implementing resilience-building measures. Strategies towards climate change adaptation and disaster risk reduction must be aligned as well as coordinated with interventions in nutrition and food systems across sectors.”

In terms of developing climate adaptation strategies and implementation, the report highlights the need for greater efforts in data collection, monitoring and implementation of climate-smart agriculture practices. Continued efforts through partnerships, blending climate change adaptation and disaster risk reduction, and long-term financing can bridge humanitarian and development approaches.

Key facts and figures

Number of hungry people in Africa: 257 million or 1 in every 5 peopleChildren under five affected by stunting (low height-for-age): 59 million (30.3 percent)Children under five affected by wasting (low weight-for-height): 13.8 million (7.1 percent)Children under five who are overweight (high weight-for-height): 9.7 million (5 percent)Percentage of women of reproductive age affected by anaemia: 38 percentPercentage of infants aged below 6 months who were exclusively breastfed: 43.5 percentPercentage of adults who are obese: 11.8 percent

SOURCE: https://brandspurng.com/2019/02/13/hunger-on-the-rise-in-africa-new-un-report-reveals/

Toy industry sales decreased by 2 percent * in 2018 across the 13 global markets (G13)** tracked by The NPD Group, a leading global information company. Similar to last year’s reporting, toy sales in the United States, the world’s largest toy market, matched the world’s collective performance (-2 percent). Mexico, Russia, and Brazil saw growth while the United Kingdom, Australia, Spain and France experienced declines.

Category Highlights

Dolls, Action Figures & Accessories, and Youth Electronics experienced respective growth of 9 percent, 8 percent, and 1 percent, while sales of Arts & Crafts were flat. Of the remaining supercategories tracked by NPD, Plush and Vehicles saw the largest declines.

“Several factors added up to a smaller share of wallet for traditional toys in 2018, including a shrinking retail footprint and the increasing demand for video games,” said Frédérique Tutt, Global Toys Industry Analyst at The NPD Group.  “While it isn’t business as usual for toys, 2019 sounds promising thanks to a wide range of kid-friendly movies, which often helps to drive toys sales, as well as old, favourite toy brands that are either celebrating milestone birthdays or attempting to make a comeback.”

Looking at the top five selling toy properties across the G13 in 2018, L.O.L. Surprise! was the largest property overall, holding the first position in six out of 13 global markets followed by Barbie, Marvel Universe, Nerf, and Star Wars.

“In 2018, many manufacturers demonstrated their resilience in what could easily be described as a tumultuous market, with two rising to the top to win NPD’s annual awards for excellence in sales,” continued Tutt. “The winners of 2018’s Global (G13) Toy Industry Awards are Mattel for the #1 Manufacturer, as well as MGA Entertainment for #1 Property, L.O.L. Surprise!, and for the #1 Selling Toy, L.O.L. Surprise! Doll Assortment.”

SOURCE: https://brandspurng.com/2019/02/13/global-toy-sales-declined-by-2-in-2018/

One of the big players in the oil and gas industry in Africa, Total, has commissioned a lubricant blending factory in Tanzania.

The plant was launched on Friday, February 8, 2019, by the country’s Minister of Trade, Mr George Joseph Kakunda.

Total Tanzania Limited is a petroleum market and service company, incorporated in Tanzania since 1969, with its headquarter in La Défense, Paris.

Total Business focuses on the marketing, supply and service of petroleum products, lubricants and solar products which are marketed through a network of service stations.

As a part of its growth, expansion and commitment to participate and contribute to industrialization in Tanzania, Total has acquired a 20 million$ blending plant that will see the manufacturing/blending of lubricants and grease did in Tanzania along with the introduction of Total innovations and high-tech know-how to Tanzania lubricants industry.

The company explained that the blending plant will also see new employment opportunities, increased production of lubricants for local consumption at a more attractive price, increased government revenues through taxes arising out of business growth and exportation of lubricants to neighbouring countries.

The 8 000m2 lubricant blending plant will host an internal laboratory and a 2 200t tank farm enabling to process 22 000t of lubricants and 2000t of grease per year.

SOURCE: https://brandspurng.com/2019/02/13/total-launches-lubricant-blending-plant/

Increasingly Millennials are moving away from having physical CVs, and instead, are opting to store their data in a digital profile…

In the next three years, top HR executives and employers have asserted that the biggest impact on recruitment will be Technology Augmenting the Hiring Process. In other words, how technology will make the hiring process more effective through easier filtering and more accurate matching.

This discovery, along with other invaluable insights into the evolution of the job market has been pioneered through in-depth research conducted by ROAM (Ringier One Africa Media) (ROAM.africa). ROAM encompasses the market-leading job portals in West Africa (Jobberman) and East Africa (BrighterMonday), as well as Executive recruitment and HR solutions firm, The African Talent Company. The company periodically surveys over 50,000 employers who use their services, to understand how employers see the hiring space and how ROAM’s brands can support the changes.

As more candidates embrace digital profiles, it is imperative employers leverage the sourcing technology available or risk missing out on ideal applicants

Matthew Page, ROAM’s Head of Jobs, credits a strong shift in the behavioural patterns amongst Millennial job-seekers as the main driver behind piloting research to better understand the trends. He says: “As advocates for the use and power of technology in the hiring space, we are pleased to see technology is on top of the HR agenda. It aligns with our vision to transform productivity on the African continent. We’re seeing some pretty incredible trends coming out of our millennial users. Firstly, the growth in job activity is massive over the last 3 years. It differs by the market but some countries are seeing as much as 50% of the workforce being made up of millennials – these users are actively searching and enquiring about opportunities. More than any other demographic we have seen before.”

The company’s research further brought to light that increasingly Millennials are moving away from having physical CVs, and instead, are opting to store their data in a digital profile via the Jobberman web portal in West Africa and the BrighterMonday portal in East Africa respectively. “This is convenient”, says Page. “Job Seekers – and especially millennials – are mobile-centric. They are hungry for the right job and they are looking for an easier to use, digital application processes. Sending a CV over email or via post is slow, arduous and inefficient.”

This aligns with the trends ROAM has uncovered on employer beliefs for augmentative hiring processes. Page goes on to say: “Having structured data in a digital profile is good for the employer and the seeker. The data is in the cloud, is easily edited and allows for a seamless desktop to the mobile experience. For employers, filtering through 100 CVs in hardcopy is a nightmare task. Being able to match profiles to role requirements with technology takes out the manual element and allows for focus on what really matters – the top matching candidates.”

Clemens Weitz, CEO of ROAM, doubles down on the potential for growth in African productivity: “In the future, hiring decisions will be vastly improved through technology. The hard copy CV as the main instrument for candidate selection is a 20th-century practice that our generation will be the last to see. For both candidates and hiring managers, there are tremendous positives ahead. As more candidates embrace digital profiles, it is imperative employers leverage the sourcing technology available or risk missing out on ideal applicants.”

SOURCE: https://brandspurng.com/2019/02/13/the-traditional-cv-is-dying-employers-are-leveraging-new-technology-to-find-ideal-candidates/

This is to inform The Nigerian Stock Exchange (The Exchange) and the investing public that a meeting of the Board of Directors of Wema Bank Plc (‘the Company’) has been scheduled for Thursday, 28th February 2019 at 10.00 a.m. at Lagos to consider and approve the Group’s Audited Financial Statements for the year ended 31st December 2018 along with other corporate actions.

The Company has declared the Closed Period from 12th February 2019 to 24hours after the Bank’s financial and other information has been made public in line with the Rulebook of The Exchange.

Accordingly, no director, employee, person discharging managerial responsibility and adviser of the Company and their connected persons may directly or indirectly, deal in the shares of the Company in any manner during the Closed Period.

SOURCE: https://brandspurng.com/2019/02/12/wema-bank-announces-date-of-board-meeting-and-closed-period/

Nigeria’s GDP has grown 2.38 per cent in real terms within the fourth quarter of 2018, showing a 0.27 per cent jump over the fourth quarter of 2017.

The Real GDP growth posted 5.31 per cent on a quarter-on-quarter basis, with an annual growth rate of 1.9 per cent printed for the fiscal year of 2018.While the aggregate nominal GDP was at NGN 35.230bn, a higher 12.6 per cent from NGN 31.275bn recorded in the fourth quarter of 2017.Nigeria’s nominal GDP for fy 2018 was at ngn127.76bn, posting a nominal growth rate of 12.36% above fy 2017 level of NGN 113.71bn

In the fourth quarter of 2018, Nigeria’s Gross Domestic Product (GDP) grew by2.38% in real terms (year-on-year). This represents an increase of 0.27% points when compared to the fourth quarter of 2017 which recorded a growth rate of 2.11%. It also indicates a rise of 0.55% points when compared with the growth rate recorded in Q3 2018. On a quarter on quarter basis, real GDP growth was 5.31%.

The fourth quarter growth performance implies that real GDP  grew at an annual growth rate of 1.93% in 2018, compared to 0.82% recorded in 2017, an increase of 1.09% points.

During the quarter, aggregate nominal GDP stood at N35,230,607.63 million, which is higher than N31,275,354.08 million recorded in Q4 2017, a nominal growth rate of 12.65%. For 2018, nominal GDP was therefore recorded at N127,762,545.58million representing a nominal growth rate of 12.36% when compared to N113,711,634.61million recorded in 2017.

The Nigerian economy has been classified broadly into the oil and non-oil sectors.

The Oil Sector

In the fourth quarter of 2018, the average daily oil production stood at 1.91 million barrels per day (mbpd). This was lower than the 1.95 mbpd recorded in the same quarter of 2017, and 1.94mbpd in Q3 2018.

The oil sector recorded a real GDP growth rate of –1.62%  (year-on-year) in Q4 2018, indicating a decline of –12.81% points relative to the growth rate recorded in the corresponding quarter of 2017. However, when compared to Q3 2018, growth increased by 1.29% points. On an annual basis, real GDP growth for the oil sector stood at 1.14% as against 4.69% recorded in 2017.

The Oil sector contributed 7.06% to real GDP in Q4 2018, down from figures recorded in the corresponding period of 2017 and the preceding quarter, where it contributed 7.35% and 9.38% respectively. For 2018, the contribution of the oil sector to aggregate real GDP was 8.60%, slightly lower when compared with 8.67% in 2017.

The Non-Oil Sector

The non-oil sector grew by 2.70% in real terms during the fourth quarter of 2018.  This is 1.25% points higher than the growth rate recorded in Q4 2017, and 0.38% points higher than the growth rate recorded in Q3 2018. On an annual basis, the non-oil sector recorded a growth rate of 2.00% in 2018, performing considerably better than 0.47% seen in 2017. The key performing activities during the quarter were Information and communication, Transportation & Storage, Arts & Entertainment, Agriculture and Manufacturing.

The Non-Oil sector contributed 92.94% to real GDP in the fourth quarter of 2018, slightly higher than the 92.65% seen in Q4 2017. For 2018, the annual contribution was recorded at 91.40% against 91.33% in the year 2017. Key performing activities on an annual basis include Transport, Information & Communication, Electricity, Water, as well as Arts & Entertainment.  

Download Q4 and Full Year 2018 GDP PDF Report, please…

SOURCE: https://brandspurng.com/2019/02/12/nigerias-gdp-grows-2-38-in-fourth-quarter-of-2018/

Ondo State Government has reiterated its commitment to ensuring that the much-awaited bitumen development in the state come to fruition without rancour between the host communities and the investors.

The state Commissioner for Regional Integration and Special Duties, Prof. Bayonile Ademodi stated this at the weekend, during an interactive session with bitumen-bearing communities in Okitipupa Local Government Area of Ondo State held at the local government secretariat hall in Okitipupa.

According to him, the interactive session became imperative, considering the recurrent crisis in the Niger Delta region of the country as a result of the unhealthy relationship among the communities and investors which had culminated in all manners of criminal activities.

He stressed that the government was highly committed to peaceful exploitation of the bitumen resources in the state, noting that a similar interactive session had been carried out in Irele local government.

The commissioner, who informed the gathering that the ministry had concluded arrangement with the state ministry of Environment to work out modalities for evolving effective environmental protection strategies that the license bitumen companies must comply with, posited that they would do everything possible to ensure that the companies observe all the internationally accepted practice of Environmental Impact Assessment (EIA) before commencing operations.

While assuring the Royal Fathers and the community leaders that their views would be adequately captured and implemented to the best level of practice as the process move forward, he said there are immense benefits the development of bitumen will bring to the host communities ranging from direct and indirect employment to physical development.

The commissioner added that the Federal Government, who has the responsibility of awarding bitumen blocks, has allocated blocks to five companies within the bitumen belt of the state.

He equally disclosed that they had concluded arrangement to formally form a Bitumen Production Advocacy Club (B-PAC) where members will cut across the various bitumen-bearing communities with their roles well spelt out.

Earlier in his welcome address, the Acting Permanent Secretary of the ministry, Engr. Ebenezer Ogunsanmi, informed that the present government in the state was committed to the development of the industrial sector, hence the need for communities to create enabling the environment for investors to operate.

The Consultant to the Ministry, who is a retired Permanent Secretary of the ministry, Engr. Dele Ogunwolere allayed the fear that their farmland would be destroyed without compensation, noting that the EIA would capture the compensation of the farm owners, while there will be yearly Environmental Impact Auditing to take care of the environment.

The Chairman Caretaker of the local government…. who was represented by Mr David Ojajuni said the gathering was a prerequisite to the commencement of the long-awaited project which he affirmed could be found in all Ikale land.

Responding, the Abodi of Ikale Land, Oba George Babatunde Faduyile commended the state government for organising the programme and its commitment to the project.

To him, the project, if well executed will bring a lot of relieving and income to the State.

“The project will change the standard of living of our people. It is now the duties of we the monarchs and community leaders to sensitise the youths in their area to ensure peace”, He said.

Various stakeholders who spoke at the event stressed the need to duly compensate them because of the cash crops on their lands which is their means of livelihood, emphasising that their unemployed youths should be considered for employment when the project commences.

They, however, promised to give their maximum support towards the development of the project.

Those who attended the meeting include, the Jegun of Idepe-Okitipupa, Oba Michael Adetoye ,the Majuwa of Ilu-titun, Oba Adeoye Idepefo, The Oniju of Iju Odo, Oba Festus Olumoyegun, Halu of Aye kingdom, Oba N. Akinlade, The Regent of Ode – Erinje, Oba Adekoye Ipinsanmi, and various heads of host communities in the area among others.

SOURCE: https://brandspurng.com/2019/02/11/bitumen-exploration-will-not-breed-violence-in-ondo-state/

Nigeria’s foremost logistics company, Red Star Express Plc, has upgraded its International Organization of Standardization (ISO) Certification to ISO 9001: 2015, having previously held the 9001:2008 certification. The new certification ensures that the Company remains one of the top organizations, as regards maintaining high standards in providing products and services for clients and customers.

The ISO 9001 certification, which is overseen by the Standards Organization of Nigeria (SON), focuses mainly on quality management, by ensuring that a Company’s products and/or services are designed, properly documented and implemented according to the approved standards.

Group Managing Director, Red Star Express Plc, Sola Obabori, stated that the upgrade was a necessary step for the company, as it looks to improve its operational processes. “We have realized that some of the criteria for Certification require that the Company be customer-focused, ensure timely pick-up and delivery of parcels and documents, have a system approach to management, provide continual improvement to processes, have mutually beneficial supplier relationships, as well as proving our commitment to maintaining quality on all levels.”

“By meeting the rigorous third-party ISO 9001:2015 certification process, we have demonstrated that we have the ability to meet our customers’ quality requirements, apply all relevant regulatory requirements, enhance customer satisfaction and ensure continuous improvements in line with these objectives. It also means that our customers have complete assurance that Red Star Express Plc operates to the highest quality standards and that all regulatory requirements are met when rendering service,” he added.

The Quality and Service Assurance Manager, Red Star Express Plc, Toyin Owolabi, mentioned that the process of earning the new certification, which started in June 2018, was concluded by December 2018. “It was a tough process that was necessary for our growth as a company. Red Star Express Plc has evolved since the last certification process, in terms of how our operations and processes are run. We are happy with this upgrade and, as always, we will strive to ensure that we live up to the high standards that it entails” he added.

Red Star Express Plc is a Licensee of Federal Express (FedEx) Corporation, the world’s largest delivery solutions provider. The company has over 150 offices nationwide, with a network reach spanning over 1,500 communities in Nigeria and over 200 countries worldwide. It is made up of 7 subsidiaries specializing in areas such as Express Delivery, Logistics, Freight, Outsourcing, Supply Chain Management, E-Commerce Logistics Solutions, Printing and Packaging, E-Archiving, Business Enterprise Solutions, as well as Agro Logistics and Trade.

SOURCE: https://brandspurng.com/2019/02/11/red-star-upgrades-iso-certification/

Land Rover revealed the next generation Range Rover Evoque for the first time in the U.S. at the Chicago Auto Show. In true Land Rover fashion, the new Evoque made its dynamic debut on an indoor off-road experience course at the McCormick Place convention centre.

The 2020 Range Rover Evoque sets new standards of refinement, capability and sustainability in the compact SUV segment, created from an all-new vehicle architecture.


Source: https://brandspurng.com/2019/02/11/new-range-rover-evoque-makes-dynamic-u-s-debut-pictures/

Leading telecommunications services provider, Airtel Nigeria, has been named ‘Brand of the Year 2018’ by the Board of Editors of one of Nigeria’s foremost newspapers, Leadership Newspaper.

The well-respected editors, in a citation, said Airtel was deserving of the honour because it has demonstrated intense interest and commitment to supporting laudable causes through its Corporate Social Investment initiatives just as it has also produced some of the best advertisements and value offerings in the industry and the market.



“Leveraging on its award-winning Touching Lives programme, Adopt-a-School initiative and Employee Volunteer Scheme, Airtel has invested massively, within the past years, to assist many communities as well as uplift hundreds of underprivileged people across Nigeria.

“It’s various CSR initiatives have directly impacted thousands of people as well as millions of Nigerians indirectly.”



Etsu Nupe, Alhaji Yahaya Abubakar; Deji of Akure, Oba Aladetoyinbo Ogunlade and Chairman of Leadership Group, Sam Nda-Isaiah presented the award to Airtel Nigeria’s Regional Operations Director, North West Region, Muhammad Bashir and Erhumu Bayagbon, Head: Public Relations, Airtel Nigeria, at a colourful ceremony, which held at the International Conference Centre, Abuja, today (7/2/19).

In his acceptance speech, Airtel Nigeria’s Chief Executive Officer & Managing Director, Segun Ogunsanya who was represented by Muhammad Bashir, Regional Operations Director, North-West, expressed profound appreciation to the Board of Editors of Leadership Newspaper for creating an independent and highly credible platform to reward excellence.

“Airtel is pleased with this award, especially as it is coming from a well-respected and leading newspaper in Nigeria. Indeed, this recognition bears eloquent testimony to the dedication and hard work of all my colleagues and I must thank them for always choosing to go the extra mile.

“Most importantly, this award is for all our customers across the country. We are being recognized today because millions of telecoms consumers have not just chosen Airtel but have demonstrated strong loyalty to our brand.”

He further assured that Airtel will remain relentless in its passion for “creating amazing experiences and innovative value offerings for all our stakeholders. We are also committed to touching more lives and also building communities as well as uplifting underprivileged Nigerians.”

The Leadership Award and Conference is an annual event put in place by LEADERSHIP Group Limited to celebrate those it acknowledges as having distinguished themselves in the public and private sectors in the previous year. The theme of this year’s conference was ‘Multiparty Democracy, Stability and Peaceful Elections: Connecting The Dots’.

Nigeria’s Ambassador to the United States (US), Justice Sylvanus Nsofor and statesman and seasoned administrator, Alhaji Ahmed Joda were among dignitaries, who attended the Conference and Awards.

SOURCE: https://brandspurng.com/2019/02/10/airtel-nigeria-named-brand-of-the-year-2018-by-leadership-newspaper/